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picture News November, 22 2017
New Anti-Money Laundering Rules and Regulations New Anti-Money Laundering Rules and Regulations

Counteracting money laundering has been on both the political and law enforcement agenda since many years by now. On a 31 October morning Business Seminar, LEADELL Pilv Law Office and Swedbank gave an update on EU’s new anti-money laundering rules.

In Estonia, the new rules will enter into force step by step beginning in December this year with continued implementation during 2018.

 

Pirkka-Marja Põldvere, attorney-at-law and partner at LEADELL Pilv Law Office, focused on dos and don’ts to be kept in mind in terms of management board members’ liabilities.

- Don’t decide on your own remuneration without shareholder resolutions!; Don’t blindly accept too-good-to-be-true remunerations!; Don’t execute transactions with people having the same economic interest as you without the consent of the shareholders! Do apply due care!; And, do not launder money!, said Pirkka-Marja Põldvere.

 

- The new rules and regulations will affect a great number of companies in Estonia. There are 8.900 companies in Estonia, domestic and hosted in Estonia, which will become affected as obliged or anti-money laundering supervised entities. And, there are 120.000 companies who have to register their beneficiaries in the Commercial Register. Comparing that latter number with the current 130.450 active companies in Estonia gives a hint on how serious the new rules are, said Lada Riisna, attorney-at-law at LEADELL Pilv Law Office.

 

Indrek Tibar, Head of the Department of Anti-Financial Crime and Investigation Services at Swedbank Estonia, gave an overview on what we can expect in terms of economical transactions.

- More emphasize will be put on identification of private persons and legal entities, and entities providing anonymity are less and less welcome; A beneficial owner needs to be documented; Business must be transparent and understandable, and all provided information should be verifiable; Transactions need to be coherent with the business profile, and transaction counterparts are assessed, said Indrek Tibar.

 

Pirkka-Marja Põldvere’s, Lada Riisna’s and Indrek Tibar’s presentations can be ordered through me: kristiina@swedishchamber.ee.

 

On behalf of the SCCE, I thank Pirkka-Marja Põldvere, Lada Riisna and Indrek Tibar for sharing their knowledge of the new anti-money laundering rules.

Sincerely,

Kristiina Sikk, SCCE Ombudsman

 



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